The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Supreme Court Justice Ruth Bader Ginsburg has completed a three-week course of radiation therapy for cancer, the top court said in a statement Friday.Politicsread more
Epstein, a former friend of Presidents Donald Trump and Bill Clinton, was arrested by FBI agents in New Jersey in early July as he stepped off his private plane, which had...Politicsread more
Lowe's is vying for a category of customer that Home Depot has traditionally dominated — the professional contractor.Retailread more
The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China."Marketsread more
Yields slipped after Powell said the central bank will continue to act as appropriate to sustain the economic expansion.Bondsread more
President Donald Trump announced Tuesday he will withdraw the U.S. from a nuclear pact with Iran, a move that threatens Boeing's multibillion dollar deals to help restock Iran's aging commercial air fleet.
The world's largest aerospace company has agreements to sell planes worth roughly $20 billion to Iranian airlines, based on list prices. The number of aircraft in the agreements is tiny compared with Boeing's total order book, however. Boeing ended the first quarter of this year with a backlog of more than 5,800 airplanes, including more than 4,600 orders for 737s.
Boeing said it had not included the Iranian deals in its order book, so its backlog remains unchanged. Boeing's European rival Airbus, however, has included its deals with Iranian airlines in its order book.
"Following today's announcement, we will consult with the U.S. government on next steps," Boeing said in a statement.
Shares of Boeing ended the day down 0.6 percent.
Trump said Tuesday he would restore sanctions on Iran. The 2015 pact lifted sanctions, after Iran agreed to limits on its nuclear program, allowing the deals with Iranian airlines to take place.
Boeing announced the largest of its deals with Iranian airlines in December 2016: 80 jets for Iran Air – including 50 of the 737 MAX 8 model. In April 2017, Iran Aseman Airlines signed an agreement to purchase 30 Boeing 737 MAX planes, with an option to buy 30 more.
When it announced the Iran Air deal, Boeing said such an order would support 100,000 U.S. jobs. That same month, Boeing's rival Airbus announced a deal to sell 100 planes to Iran Air. A list of Airbus' orders through the end of April included more than 100 planes on order for Iran Air and Iran Aseman Airlines. Airbus did not immediately respond to a request for comment. "
If the aircraft agreements are scrapped outright, it won't likely have a big impact on Boeing because of the company's large backlog of jets, particularly for narrowbody 737 aircraft, said Richard Aboulafia, vice president at Teal Group.
"Would have been nice to get but far from a major impact," Aboulafia said.
The company's current 777 production rate "is not dependent on the Iranian orders," CEO Dennis Muilenburg said on an earnings call last month. The 2016 Iran Air agreement with Boeing included 15 widebody 777-9 and 15 777-300ER models. Boeing had more than 400 orders for its widebody 777 at the end of March.